Eland Group, South Korea’s leading fashion retailer, has survived the first round in bidding for the Los Angeles Dodgers, industry sources said Monday.“Eland, which created a consortium late last year, submitted its bid and has advanced to the second round of bidding recently,” an anonymous source was quoted as saying by the Yonhap news agency. Ten potential ownership groups were announced Friday night to have survived the preliminary bidding to purchase the baseball club. In addition to Eland,

The International Monetary Fund has revised down its 2012 growth outlook for South Korea sharply based on the latest economic conditions at home and abroad, the Finance Ministry said Monday.Korea’s economy, Asia’s fourth-largest, is forecast to expand 3.5 percent this year, down from a 4.4 percent growth projected last September, according to the ministry. The new forecast is lower than the 3.7 percent expansion predicted by the Seoul government in December.The latest growth outlook is part of a

The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC

The French Chamber of Commerce and Industry will hold a training seminar on Wednesday on the tax changes that were applied to this year.The training session will review and discuss main changes in Korean tax laws with a special focus on changes that will influence foreign-invested companies, foreign shareholders and employees. Kim and Chang partner Jenny Kim will discuss all the relevant changes to the tax code for this year from 8:30 a.m. until 10 a.m. on the 14th floor of the Grand Ambassador

CanCham has made arrangements for its members to participate in the 12th Biennial Conference and Trade Fair on Business and the Environment.Also known as GLOBE 2012, the conference is one of the most important industry events on energy and the environment.Taking place between March 14-16 in Vancouver, cleantech and urban sustainability will also be prominently featured in the conference and trade fair.Special rates for Canadian Chamber of Commerce members apply such as free access to the trade f

To assist young Koreans in finding work in a globalized world, the foreign chambers of commerce, CEOs and human resources specialists of global firms will hold a Global Career Forum on Feb. 9 at the Korea Chamber of Commerce and Industry’s Grand Hall.The forum will provide practical guidance to those interested in being recruited and in building a successful global career with a multinational company in Korea or abroad.Employment by foreign-invested companies has grown every year by 10 percent f

DHAKA (AFP) ― State firms from Bangladesh and India on Sunday signed a deal to build a $1.5-billion coal-fired power station that would be Bangladesh’s biggest and help ease acute power shortages.The chairmen of Bangladesh’s Power Development Board Alamgir Kabir and India’s National Thermal Power Corp. Arup Roy Choudhury sealed the agreement in the Bangladeshi capital Dhaka.Under the deal, a joint venture company registered in Bangladesh will be set up to construct a 1,320 megawatt daily generat

Korea has been reasonably successful in hosting major world events such as the Olympic Games, the FIFA World Cup and even the 2011 World Athletics Championships in Daegu. Success in these affairs is generally measured by financial profitability with large numbers of participants and spectators and trouble-free proceedings. The 1988 Seoul Olympics, which were held after partial boycotts in 1980 and 1984, are remembered as having helped foment the end of the Cold War and introduced Korea as an eme